Since gold has given huge profits in recent years, it is becoming the first investment choice among people. In India, gold has been the easiest investment option since ancient times. But can you have all the gold you want in your house or is there some limit and any law related to it?
Most people in India like to keep gold at home, while many people also keep their gold jewelry safe in bank lockers. In such a situation, the government has also set some rules regarding the limit of gold possession. It’s good to know about them.
What is the limit to keep gold?
First of all, let us tell you that there is no limit to the amount of gold that a person can have in the country. Anyone can have as much gold as he wants in his house. As long as he can know where he got the money to buy that gold.
According to the Income Tax Act, if the Income Tax authorities ask you for details of your income or the money received for your gold or other assets, they will provide you with complete information.
Does income tax apply to the purchase of gold?
3 per cent GST is already levied on the purchase of gold in the country, but according to the Central Board of Direct Taxes (CBDT), which formulates policies for the Income Tax Department, you can buy as much gold as you want with your declared income. . You do not need to pay any separate tax on this. You must pay income tax according to your tax table.
Yes, if you have inherited gold from your ancestors, or if it is equal to your reasonable savings, it may still be tax exempt. You do not have to pay any taxes on gold deposited this way.
You can keep so much gold at home without proof
As per CBDT norms, a married woman can keep around 500 grams of gold in her house without any proof. While for single women this limit is 250 grams. While men can only carry 100 grams of gold with them without proof.
